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Farmington, NM Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Farmington, NM Housing Market Trends

With 46,624 people, 15,910 houses or apartments, and a median cost of homes of $235,760, Farmington real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Farmington, accounting for 59.85% of the city's housing units. Other types of housing that are prevalent in Farmington include mobile homes or trailers ( 18.67%), duplexes, homes converted to apartments or other small apartment buildings ( 9.38%), and a few large apartment complexes or high rise apartments ( 8.47%).

The most prevalent building size and type in Farmington are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.97% owning and 39.03% renting.

There is a lot of housing in Farmington built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Farmington built between 1940-1969 ( 25.29%). A lesser amount of the housing stock also hails from between 2000 and later ( 22.64%).

Vacant housing appears to be an issue in Farmington. Fully 11.33% of the housing stock is classified as vacant. Left unchecked, vacant Farmington homes and apartments can be a drag on the real estate market, holding Farmington real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Farmington Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Farmington, where house values have increased just 28.27%, which is annualized rate of 2.52%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, Farmington's appreciation rate, at 13.94%, has been at or slightly above the national average. In the latest quarter, Farmington's appreciation rate has been 4.72%, which annualizes to a rate of 20.25%.

Importantly, this makes Farmington one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to New Mexico, our data show that Farmington's latest annual appreciation rate is lower than 60% of the other cities and towns in New Mexico.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Farmington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Farmington - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Farmington real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$235,760

Farmington, NM HOME PRICES

> $1,276,000
$957,001 - $1,276,000
$638,001 - $957,000
$511,001 - $638,000
$383,001 - $511,000
$255,001 - $383,000
$127,001 - $255,000
$64,001 - $127,000
$0 - $64,000
0.5%
0.5%
0.4%
0.4%
2.6%
2.6%
2.8%
2.8%
7.4%
7.4%
26.6%
26.6%
41.8%
41.8%
5.2%
5.2%
12.6%
12.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for NM

Value Relative To Nation

Number Of Homes And Apartments:
15,910

Farmington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NM*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
92.35% 2.95%
3
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,319 / per month

Homeownership Rate

Owners
Renters
Vacant
61.0%
61.0%
39.0%
39.0%
11.3%
11.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
22.6%
22.6%
51.1%
51.1%
25.3%
25.3%
1.0%
1.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
59.8%
59.8%
3.5%
3.5%
9.4%
9.4%
8.5%
8.5%
18.7%
18.7%
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.2%
3.2%
5.5%
5.5%
22.4%
22.4%
49.9%
49.9%
16.2%
16.2%
2.9%
2.9%
0.0% 100.0%
% OF HOMES